Assignment
Pacific Real Estate Partners, Inc. secured the exclusive representation of T-Mobile to evaluate alternatives for its Bellevue, WA headquarters location. Pacific Real Estate Partners, Inc. assumed the lead negotiating position between T-Mobile, various landlords and developers and legal counsel for all parties.
Objective
T-Mobile’s goal was to consolidate its headquarters function into a single campus. The Company needed a lease that provided flexibility to increase or reduce its space needs during the lease term. In addition to economics and flexibility, important search parameters included employee satisfaction, access to amenities, above standard parking and access to public transit. Pacific Real Estate Partners, Inc. evaluated all variables, objective and subjective, prior to implementing the most effective strategy.
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Challenges
Pacific Real Estate Partners, Inc. needed to take into account the Company’s aggressive growth projections and balance those with its existing space needs within the dynamic and fluid wireless communications market
Results
On behalf of T-Mobile, Pacific Real Estate Partners, Inc. successfully negotiated a 500,000 square feet lease at Newport Corporate Center. The lease terms provided growth opportunities for an additional 400,000 square feet and the opportunity to terminate the lease on 300,000 square feet if growth projections were not realized
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